美國次級房貸事件對台灣金融體系及其監理政策之影響

The Impacts of US Subprime Mortgages Event on Taiwan’s Financial System and Regulatory Policy

黃達業(Dar-Yeh Hwang)

指導教授 ： 趙永茂

國立臺灣大學/社會科學院/政治學研究所/碩士(2008年)

https://doi.org/10.6342/NTU.2008.01371

摘要

在本論文中，我們檢視美國次級房貸事件對台灣金融體系及其監理政策之影響。我們首先探討次級房貸事件所引發的金融混亂之原因及其影響，其次我們進一步探討次級房貸事件對全球金融體系之影響，包括對全球金融巿場之結構以及對全球金融機構風險管理之影響。最後，我們將探討次級房貸事件對台灣金融監理政策之衝擊及影響。我們分別從台灣信用評等機構、投資大眾之巿場紀律以及金融監理政策三方面來分析次級房貸事件之影響。藉著本論文的探討，希望能針對台灣當前金融體系及監理政策之完善提供一些具體建議，以供政府施政之參考。

關鍵字

次級房貸事件 ； 監理姑息 ； 金融混亂 ； 房利美 ； 房地美

並列摘要

In this thesis, the impacts of US subprime mortgages event and its regulatory forbearance policy on Taiwan’s financial system are examined. This thesis first investigates the causes and impacts of financial turmoil due to subprime mortgage event. Second, we explore the impacts of US subprime mortgages event on global financial system. This thesis will examine not only the impacts of the event on the infrastructure of global financial markets, but also the impacts of the event on risk management of global financial institutions. Finally, we explore the impacts of US subprime mortgages event on Taiwan’s regulatory policy. Due to the impacts, we discuss how to enhance Taiwan’s ratings agencies and the infrastructure of Taiwan’s financial markets. Also, we sum up how to strengthen risk management practices for Taiwan’s financial institutions. Besides, we also investigate how to enhance prudential regulatory policies for Taiwan’s financial system.

並列關鍵字

subprime mortgage event ； regulatory forbearance ； financial turmoil ； Fannie Mac ； Freddie Mac

參考文獻

Acharya, V. V., 2003, Is the International Convergence of Capital Adequacy Regulation Desirable? Journal of Finance, 58: 2745-2782.

Allen, L. and A. Saunders, 1993, Forbearance and Valuation of Deposit Insurance as a Callable Put, Journal of Banking and Finance, 17: 629–643.

Avery, Robert, Glenn Canner, and Robert Cook. 2005. “New Information Reported

Avery, Robert, Kenneth Brevoort, and Glenn Canner, 2007b. “Opportunities and Issues In Using HMDA Data.” Journal of Real Estate Research, 29(4): 351-79.

Bernanke, Ben S, 2007a, “Subprime Mortgages:What, Where, and to Whom?”, at the Independent Community Bankers of America Annual Convention, Orlando, Florida March 4, 2008.